Exhibit 99.1

 

NEW CENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

   As of 
   March 31,   September 30, 
   2026   2025 
   US$   US$ 
   (Unaudited)     
Assets          
Current assets:          
Cash and cash equivalents   62,318    645,912 
Restricted cash   320,513    320,513 
Investment   641,026    - 
Accounts receivable, net   8,612,304    11,765,180 
Deposits, prepayment and other receivables   1,207,106    460,363 
Total current assets   10,843,267    13,191,968 
           
Non-current assets:          
Property, plant and equipment   133,633    51,428 
Right-of-use assets - operating leases   404,045    458,640 
Right-of-use assets - finance lease   103,818    120,914 
Deposits   512,821    512,821 
Deferred tax assets   110,267    193,208 
Total non-current assets   1,264,584    1,337,011 
           
TOTAL ASSETS   12,107,851    14,528,979 
           
Liabilities          
Current liabilities:          
Bank overdraft   1,019,560    717,306 
Bank loans – current   1,858,973    1,923,075 
Other borrowing – current   13,115    - 
Accounts payable   2,877,202    5,278,790 
Accruals and other current liabilities   395,286    375,001 
Operating lease liabilities – current   270,041    215,575 
Finance lease liability – current   34,487    36,592 
Due to a related party   64,103    - 
Income tax payables   426,564    433,915 
Total current liabilities   6,959,331    8,980,254 
           
Non-current liabilities          
Other borrowing – non-current   63,808    - 
Operating lease liabilities – non-current   135,822    223,182 
Finance lease liability – non-current   75,350    93,064 
Total non-current liabilities   274,980    316,246 
           
TOTAL LIABILITIES   7,234,311    9,296,500 
           
Commitments and contingencies          
           
Shareholders’ equity          
Ordinary shares, no par value, 12,500,000 shares authorized; and 3,200,000 shares issued and outstanding at March 31, 2026 and September 30, 2025 respectively   -    - 
Additional paid-in capital   9,907,876    9,907,876 
Accumulated losses   (4,939,480)   (4,618,233)
New Century Logistics (BVI) Limited Total Shareholders’ Equity   4,968,396    5,289,643 
Non-controlling interest   (94,856)   (57,164)
Total shareholders’ equity   4,873,540    5,232,479 
TOTAL LIABILITIES AND EQUITY   12,107,851    14,528,979 

 

 

 

 

NEW CENTURY LOGISTICS (BVI) LIMITED AND ITS SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

   For the Six Months ended March 31, 
   2026   2025 
   US$   US$ 
   (Unaudited)   (Unaudited) 
         
Revenues   28,559,320    21,389,809 
Cost of revenues   (27,794,185)   (20,606,704)
Gross profit   765,135    783,105 
           
Operating expense          
General and administrative expenses   (1,292,376)   (2,613,863)
Total operating expense   (1,292,376)   (2,613,863)
           
Loss from operations   (527,241)   (1,830,758)
　          
Other (expenses) income:          
Other income   63,480    6,792 
Interest expense, net   (75,624)   (42,308)
Total other expenses, net   (12,144)   (35,516)
           
Loss before income tax   (539,385)   (1,866,274)
Income tax credit   180,446    - 
Net loss and comprehensive loss   (358,939)   (1,866,274)
           
Net loss attributable to a non-controlling interest   (37,692)   - 
Net loss attributable to New Century Logistics (BVI) Limited’s shareholders   (321,247)   (1,866,274)
           
Net loss per share attributable to ordinary shareholders          
Basic and diluted   (0.10)   (0.09)
           
Weighted average number of ordinary shares used in computing net loss per share   3,200,000    20,857,458